Fellowship of the Ring book 2 council of elrond

The One Ring, its power, and the consequences of its actions seem to be held in almost universal dread and horror by those gathered in Rivendell. At one point, Elrond says, "But now in this latter day [the Elven Rings] are in peril once more, for to our sorrow the One has been found." In contrast to this, as Ring-finder and Ring-bearer, how are Bilbo and Frodo treated by those assembled in the house of Elrond? Give examples from the text to illustrate your answer. Why do you think they receive such treatment?